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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Top Stories

    Posted By Uma Rajagopal

    Posted on November 21, 2024

    Featured image for article about Top Stories

    OSLO (Reuters) – A volcano near Iceland’s capital erupted late on Wednesday for the tenth time in three years, spewing fountains of lava and smoke, the country’s meteorological office said.

    Iceland, with nearly 400,000 inhabitants, is located on the fault line between the Eurasian and North American tectonic plates, making it a seismic hotspot with geysers, warm-water springs and dozens of volcanoes.

    As magma accumulated underground, authorities had warned of imminent volcanic activity on the Reykjanes peninsula, some 30 km (20 miles) south-west of the capital Reykjavik, where the most recent eruption ended only on Sept. 6.

    The outbreaks on the Reykjanes peninsula, known as fissure eruptions, have not directly affected the capital city and do not cause significant dispersal of ash into the stratosphere, avoiding air traffic disruption.

    Lying dormant for 800 years, the geological systems in the area reactivated in 2021 and have since erupted at rising frequency, with the latest outbreak being the sixth so far in 2024.

    The nearby fishing town of Grindavik, home to nearly 4,000 residents before an evacuation order in December last year, remains largely deserted due to the periodic threat from lava flows.

    Icelandic authorities have erected barriers to divert the streams of molten rock away from the town, as well as from infrastructure such as a nearby power station and the Blue Lagoon, a spa facility with hotels and large natural pools.

    Scientists have warned that Reykjanes is likely to experience repeated volcanic outbreaks for decades, possibly even centuries.

    The eruptions are not expected, however, to cause the level of disruption seen when the Eyjafjallajokull volcano burst in 2010, spreading ash clouds across Europe and grounding some 100,000 flights globally.

    (Reporting by Terje Solsvik and Isabelle Yr Carlsson, editing by Sharon Singleton)

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